Stig Remoy-led Olympic Subsea has ended its relationship with a bank that had refused to take part in its refinancing talks.
The unnamed lender had signalled it wanted to exit the banking group trying to reorganise NOK 2.7bn ($306m) of the Norwegian offshore vessel owner's fleet loans.
The company revealed in its third-quarter report that an agreement was reached in November for the transfer of a ship financed by the lender, resulting in the loan being cancelled.
The new owner retains a claim of NOK 5m due in 2022.
Olympic did not specify the ship, but said elsewhere in the report that the 95-loa multipurpose support vessel (MSV) Olympic Intervention IV (built 2008) was sold and delivered on 25 November for a negligible accounting effect.
Ship renamed
The vessel has been renamed Josh CB by new owner Nassau Marine 1 Holdings, according to VesselsValue, which rates the ship as worth $12.96m The commercial operator is listed as Blue Marine of South Korea.
Olympic remains in talks with financial creditors, a process it called "constructive".
The company has been granted a waiver of certain covenants until 15 December. Payments of interest and principal are postponed.
Olympic also has net bond obligations of NOK 299m and remains in breach of bank loan agreements, which triggered a cross-default of the bonds back in June.
Net profit in the third quarter grew to NOK 35.3m from NOK 19.4m in 2019.
Revenue dipped to NOK 195m, compared to NOK 200m the year before, but crewing and other costs were reduced.
"In the short run, the company expects a seasonally weak market with low demand and too many vessels available," Olympic said.
"It is too early to guide long-term on how [the] recent spread of Covid-19 and the ongoing financial market turbulence will impact overall activity."
Ten of the 11 vessels were in operation at the end of the quarter.
New work secured
Olympic also announced new charters for four ships, covering the "majority" of 2021.
A pair of MSVs, the 88-loa Olympic Artemis and 92-loa Olympic Delta (both built 2015), will be working for compatriot Reach Subsea, with options for extensions.
The 93-loa MSV Olympic Orion (built 2012) will continue working in the Americas for a large international energy company.
And the owner has also signed a contract with an international cable installation contractor to provide a vessel for the development of a wind park off France, spanning 2021 and 2022. A ship will be nominated at a later date.
